Latest market data

Stock search

Dogged perseverance is often considered the hallmark of any
entrepreneur. But pursuing new projects come at a considerable
long-term financial, emotional and physical cost. Here are a few
questions to ask yourself to help evaluate whether your brilliant
idea is
still worth chasing, or if you’re just chasing your tail.

Have I moved the needle forward?
Perhaps your venture had traction, but that stalled out long ago.
Now is the time to ask yourself if you have made real progress,
says Sharlyn Lauby, human resources consultant and founder of HR
Bartender. If you’ve never created benchmarks for your business’s
development, try to do so retroactively. Progress is not only
measured in profitability. Think about the proposals you’ve put
together and the clients you’ve secured. The network you’ve built
and the repeat customers you’ve developed are among the tangible
signs your business is growing, despite your doubts.

Is it within my power to achieve my business
goals?
Envision the benchmarks you’d aspire to if you continued. Could
you reach them? This is not about the power of positive thinking,
says Marcia Reynolds, author of Outsmart Your Brain and training
director for the Healthcare Coaching Institute, but about
resources, the marketplace and the overall economy. Starting a
business can often take years and an idea that was viable and
potentially profitable at its start might not be viable a year
into development. Recessions, tightened credit and dominating
competitors can change your company’s prospects. It might be time
to pivot.

Am I throwing good money after bad?
Escalation of commitment is very real, says Michael “Dr. Woody”
Woodward, professional coach and founder of Human Capital
Integrated. You might have believe that since you’ve put time and
money into a project, you should continue until it is successful.
Some entrepreneurs borrow extensively, mortgage their homes, and
put their personal finances and credit in jeopardy. You should
honestly evaluate the additional financial investment your
company needs and whether that will further your business or just
buy it more time. If you are far from your business goals and
money won’t fix your problems, you should stop investing money
into the project and spend your time troubleshooting instead.

Am I still excited about this idea?
Entrepreneurs need to be energized by their work to sustain
themselves in business and other aspects of their life, says
Reynolds. When your personal life and your health begins to
suffer, you might feel drained or depressed rather than
fulfilled. Take stock of whether you have the passion you used to
have for this project and what it might take to get excited
again. It might take revaluating the problem you’re solving and
growing your business in a new direction.

What opportunities have I missed?
Inevitably, you will have said no to other projects while
pursuing a new venture. But if the missed opportunities are more
compelling and interesting to you than the opportunity you’re
trying to create for yourself, Lauby says that may be a sign that
you need to walk through the new doors that are opening in front
of you.